The new offering was a response to the growing demand for purchasing land from foreign citizens and local residents. Since last year, the prices of land and real estate in the UAE have increased, so more and more people want to purchase a land plot as an investment or a way of building a house of their own.
The bank is ready to finance up to 60% of the land plot value, and waive early settlement charges of up to 30% of outstanding finance each year.
The Abu Dhabi Islamic Bank (ADIB) announced the launch of the first-ever plot finance program in July. Clients can use it to purchase land as an investment or fulfillment of their dream of becoming homeowners.
The terms and conditions allow the clients to purchase property or make plot handover payments if they have found a property in an upscale residential community. The program is available to both residents and non-residents.